OKCoin, one of the leading cryptocurrency exchanges in the industry, is gearing up for launching support for the lightning network of Bitcoin. In an official blog post published on the 22nd of January, OKCoin announced that it is going to integrate the BTC lightning network very soon to make things easier for users. The integration will take place sometime in the first quarter of the current year, as per the announcement. The company, however, did not reveal the exact date of integration.
Lightning Network is basically a layer-two scaling solution that is used for enabling fast transactions. Bitcoin’s Lightning Network will now be integrated into the OKCoin exchange. Through this integration, OKCoin aims to provide its Bitcoin users with an opportunity to conduct their transactions of Bitcoin in a quick way and with lower transaction fees.
Once it goes live, users of the OKCoin cryptocurrency exchange would now be able to leverage the benefits of Lightning Network and can use it for conducting Bitcoin transactions easily. In the presence of Lightning Network, BTC transactions will take only seconds to complete instead of hours that is the biggest benefit of it. Minimum withdrawal is also one of the benefits of Bitcoin’s Lightning Network. Apart from that, OKCoin will also be able to change deposit minimum and withdrawal maximum after the integration of Lightning Network.
With this integration, OKCoin will become one of the latest digital currency exchanges to support the BTC lightning network. Reportedly, the cryptocurrency exchange is now in the final stages of this integration, and it could launch within the duration of one month.
Hong Fang, the Chief Executive Officer (CEO) of OKCoin, said that they are operating as a Bitcoin exchange since the year 2013 and though, he said that they are joyful about other digital currencies and decentralized finance (DeFi), the top-ranked digital currency is the foundation of the cryptocurrency industry. Adding more to his comments, he said that the blockchain network of the world’s largest digital currency usually involves high fees for transactions, especially when it is standing at the peak level of its bull cycles.